How long will it take credit card companies to lower their interest rate now that the Fed has lowered their's?

Question

I know that credit card companies aren't REQUIRED to lower theirs, but they usually do, right? So can I call my credit card company tomorrow and ask for a lower rate, or should I give them a week, or what?

All I know is that about 6 months ago I called my credit card company and asked for a lower rate. It was at 13.99%, and after spending about 30 minutes on the phone with two very nice gentlemen, I was able to lower my interest rate down to 10.5%, and renew or something a promotional rate from 7.99% for 6 months down to 3.99% for the life of the loan. I asked them how often I could do this and they said whenever the rates change, I could call and ask - I might get it, I might not.
I just thought that I might need to give them time to get a new rate into their system, and with it being more than the .25% change that was expected, I thought it might take a little more time. But I'm not a financial wiz, or I wouldn't be in debt in the first place.

Answer 1

If you have a credit card balance, you can contact the bank and try to negotiate a lower interest rate. If they refuse to budge, you can always tell them that you can do business elsewhere, and transfer your balance to a bank offering a better rate.

Answer 2

If only...I know it's difficult to hear, but the best option is to not use a card in any way that results in an interest charge. Unfortunately, they don't usually lower their rate, unless legally required to do so. Nice, aren't they. Good 'ol credit companies just providing a service, helping John or Susie Public. They won't lower, you're at their mercy.

Answer 3

The Fed is lowering short term costs, that have no longer something to do with the expenditures being charged on mortgages. loan costs decide on the flow with the ten-12 months and 30-12 months treasuries, no longer with short-term costs. The costs on 10-12 months and 30-12 months treasuries are set by utilising customers of treasuries contained available in the marketplace, no longer by utilising the Fed, so those costs do no longer consistently substitute on a similar time or interior a similar direction as short-term costs. additionally, because of the better probability top classification of mortgages, the "unfold" (volume charged for a private loan above the ten 12 months treasury) is likewise increasing. So in spite of if 10-12 months treasury costs fall, loan costs might stay a similar because of the fact the unfold is going up. the upward thrust in unfold is via the fact greater each physique is defaulting on loans and so mortgages are perceived as a riskier investment than they was.

Answer 4

Haven't you noticed that credit card interest rates and the price of gas have the same thing in common?

If the price of oil goes up, the price per gallon of gas immediately goes up at the pump. If the price of oil goes down, it takes a very long time before it shows up at the pump. Works the same way with interest rates.

Answer 5

Sorry, but your dreaming.

You can always call and ask though.